"7 Mistakes Property Investors Must Avoid"
Helping property investors avoid costly mistakes.
Knowledge is power and therefore property investors need to arm themselves with as much information as possible to avoid some of the many pitfalls that trip up the unwary.
Our "7 Mistakes Property Investors Must Avoid" covers the most common areas that property investors often get caught on.
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Video Transcript below for 3 Mistakes Property Investors Must Avoid:
The 3 common property investing mistakes
I will be highlighting today are Incorrect loan structures, Buying the wrong type of property and overlooking important insurances
My Name is Darryl Simms and I am the owner of Latte Property
First off lets talk about Buying the wrong type of property
You need to learn how to select the right type of property that's in the right location.
Having the right type of property that will attract quality tenants will have excellent tenants lining up to pay a premium for your rental property.
Getting this right can dramatically increase your investment property returns, putting more cash in your pocket in the long run.
It may sound basic, but SO many investors, especially first time investors, get this wrong which often leads to losses or lost opportunity.
In many cases this can set back a first time investor about 5 years on their wealth creation journey and sometimes can even lead to having to sell the property at a later stage because it is under performing and may never do well.
Secondly, Inadequate insurances -
Income protection, landlords insurance & building insurance -
Income protection is an often overlooked item that should be given careful consideration as you have increased your borrowings which increases your exposure should you suffer an injury and not be able to work.
Some landlord's insurance policies do not provide cover for your property for things like the neighbour's upstairs apartment flooding your downstairs apartment.
Contents insurance should also be considered to cover such things as carpet and curtains that your tenant's policy may not cover.
Lastly, Incorrect loan structure/s -
Loans set up by inexperienced providers can have you hit with loan fees that were totally avoidable.
By having the wrong loan structure you may also miss out on your full tax benefits . In addition, you could experience a loss of flexibility.
Having flexibility with your loans ensures you wont miss out on opportunities, such as being able to purchase your next investment property when the timing is right for the market.
I have seen many property investors come unstuck and miss out on some excellent buying opportunities because their bank manager or broker had them tied up in knots that could have been avoided with professional advice.
These 3 topics today have only scratched the surface, in relation to property investing mistakes to avoid so please, makes sure you download our article, 7 Mistakes Property Investors Must Avoid via the link below
Thats it for this video, I look forward to seeing you inside our next video
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7 Mistakes Property Investors Must Avoid - Free Download Below